7 Acres' Kincardine cannabis greenhouse is advancing towards the sale of its product with Health Canada, which has lifted a number of cultivating licensing controls.

A wholly-owned subsidiary of Supreme Pharmaceuticals, the company announced July 19, 2017 that its production and storage capacities were adjusted to allow it to store up to $150,000,000 worth of cannabis at any given time. The license term was also extended for an additional to years to March 11, 2020.

"We are pleased to be making progress with Health Canada," said John Fowler, president and CEO in a release. "The forthcoming approval to sell cannabis genetics is one leg of our B2B sales model, allowing us to monetize our genetic inventory. As we await an update on the sales approval, we continue to cultivate and build our inventory in advance of sales-approval."

Supreme said Health Canada is in the process of testing the dried cannabis samples provided by 7ACRES as part of its application to add the ability to sell cannabis to the facility's license.

Health Canada indicated in May 2017 that random samples of cannabis plant leaves produced by 7ACRES showed "no signs of contamination" during testing.

"Supreme believes that an update regarding its application for the sales activity will be provided in the coming weeks," the release said. "Furthermore, Health Canada has informed Supreme that the license will be amended in the near term in order to permit 7ACRES to sell cannabis seeds and clones to other licensed producers."

About Supreme

Supreme is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. Hybrid Greenhouse facility. The Hybrid Greenhouse combines the best technology of indoor production with the efficiencies and sustainability of a greenhouse, in a single large-format production footprint.